TORONTO, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX-V:DLS), confirmed today that it will report an increase in the volume of organic originations over the previous quarter when it files its financial results next month. The reversal in originations is attributable to efforts undertaken by the Company during the period to more fully penetrate its existing OEM network through accelerated dealer onboarding and training.
The Company also announced today that it has further expanded this dealer network through an agreement with a leading manufacturer of water treatment and purification equipment to provide more than 100 of this manufacturer’s dealers across Canada with access to the Company’s consumer home improvement financing platform. Under the terms of this agreement, Dealnet will provide its technology platform to the manufacturer’s dealers and will fund prime quality credit applications originated by theses dealers. The Company plans to onboard and train more than 100 of the manufacturer’s qualified dealers on Dealnet’s home improvement financing services platform over the next several months. Once these qualified dealers are operational on the platform, the Company expects to originate financing volumes from this agreement ranging from $1 million to $2 million annually.
”I’m very pleased with the increased pace of our origination activity in Q3 and these efforts continued to accelerate in Q4 supported in part by recent wins, and a very focussed harvesting of the large scale OEM’s wins announced over the previous 12 months,” said Michael Hilmer, Dealnet’s CEO. “This continued expansion of our dealer network with geographically focussed competencies by contractor type underpins our overall market place offering,” added Mr. Hilmer.
About Dealnet Capital Corp.
Dealnet is a specialty finance company powered by its proprietary, scalable engagement platform to service the $20 billion home improvement finance market through both dealer-based and direct homeowner-based originations of secured finance assets (equipment leases and loans). The company earns net finance income over the term of these assets and from fee income derived from the transaction support services that it provides to its dealer network. The Company also uses its engagement platform to provide customer support services on a contract basis to third-party institutions.
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Contact Information
Michael Hilmer
Chief Executive Officer
+1-855-912-3444
mhilmer@dealnetcapital.com
John Sadler
Senior Director - Corporate Communications
(905) 695-8557 ext. 1348
jsadler@dealnetcapital.com